Steve Eisman thinks the most interesting dynamic this earnings season was Visa vs. TransUnion.  The dichotomy was that consumer spending was strong but loan volume collapsed, i.e., big ticket items. 

Mr. Eisman doesn’t think the Fed will lower rates next year (unless there is a bad recession) and would avoid buying the 10-year.  He seems to agree with Robert Kaplan that the economy won’t slow down due to the fiscal stimulus.  Recently passed stimulus hasn’t even been spent yet.

He says banks are still “uninvestable,” and we haven’t even gone through the full credit cycle.